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Let the bank run half of your errands

Photo of Sara Camnasio

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Who is your idea designed for and how does it support the dreams and obligations of those 50 and older?

The idea is designed for customers in the entire range 50+. It will help them waste less time running financial errands so they can spend it with their loved ones.
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One of our ideas consists of a service provided by a financial institution such as CoOp which would make the in-person banking as well as online banking experience more personalized and accessible for everyone. It would be an added feature to an already existing banking app which would allow the customer to “check-in” online at a local branch before they run their errand. The feature would allow them to select the type of service they need to access so that when they go to the bank, even before they arrive at the teller window, the teller would already know what the customer needed and would be able to run the transaction much more quickly. If the customer, instead, went to an ATM machine, they would be able to punch in their security code and access a personalized interface with the desired transaction already set-up for them: all they would have to do is hit “Done.”

This service would also possibly feature a personalized assistant, which would provide personalized advice on simple transactions all the way to savings and investments.

Our idea aims to tackle a few problems we discovered during our research phase:

  • Long lines at the bank – A lot of customers complained that the biggest problem at the bank is always long lines. We hope that by giving tellers a “heads up” about clients that will be coming in along with the kind of transactions they would like to obtain, it would speed up wait time.
  • ATM machines and phones having too small/too confusing of a layout – By creating the ability to personalize (text size, font, menus) ATM machine screens based on the person’s needs, it would make it a more accessible experience for customers who are 50+ and may have vision issues.
  • Lack of education about finance – Allowing the option to have a personal assistant accessible from your desktop or phone would allow people who are 50+ and who don’t know much about financial services to have only information they need explained to them as they go, rather than them having to seek an advisor on their own or learn the more information than they need.
  • Human interaction – The personal assistant element would hit on the insight of 50+ consumers appreciating engaging with live people at the bank. By including a live personal assistant who would be able to walk the consumer through various banking processes and answer questions, we would be looking to provide an answer to a current pain point.

What early, lightweight experiment might you try out in your own community to find out if the idea will meet your expectations?

Time how long it takes for people to communicate their transactions at banks and subtract that from the total transaction time and see if would significantly decrease.

Tell us about your work experience:

I work in media and science education.

Please check all that apply:

  • I'm not currently involved in a credit union, but am curious to learn more!

This idea emerged from

  • A group brainstorm
  • A student collaboration

12 comments

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Spam
Photo of Kate Rushton
Team

Hi Sara!

I saw this article about Alice 'the Remote Control for Your Hotel’s Concierge' https://skift.com/2014/01/30/this-app-works-as-a-remote-control-for-hotel-concierge/#1
and Neon - http://skift.com/2013/09/26/the-hotel-concierge-of-the-future-may-be-customer-service-via-smartphone/

Is this similar to what you had in mind?

Spam
Photo of Kate Rushton
Team

Interesting idea, Sara!

It might be worth knowing which services are best handled by an ATM, online assistant and in person. 

What help do you need from the OpenIDEO community to take your idea to the next stage (as well as the light weight experiments you have mentioned)?

Have you read Shuang Liang post here - https://challenges.openideo.com/challenge/financial-longevity/research/interview-with-the-daughter-of-over-fifties/

I think the comment about habits is quite interesting. 

Spam
Photo of Sara Camnasio
Team

Hi Kate, thanks for the feedback. I guess what would be useful from OpenIDEO or from the sponsors would be to let us prototype at one or more of their credit unions. For example, for this prototype we would like to go to a bank and stand next to the ATM to see if people would select a video assistant as an option. I don't believe any banks would let us do this, but in the case of CoOp, because they're the sponsor, they might be able to have one of their network credit unions use one of their branches. 

Spam
Photo of Kate Rushton
Team

Hi Sara! Sorry for the day! I did not get a notification for this message.  I have sent a message to the rest of the OpenIDEO team. 

Spam
Photo of NYC OpenIDEO Chapter
Team

Hi team,
 interesting idea that is mixing high touch and technology. I also like the fact that this can be added to an existing app.
You might want to think of each part of your idea and see how you could rapid prototype these components and test your assumptions about them.
For example, you could try to use chatbot for the virtual assistant or use a wizard of oz. For the later, in the simplest version, you can have a scenario that you role play and introduce the personal assistant. You could videotape it and then show it to different users (ideally 50+ but you can start with any users just to get a sense).  Similarly, you could start working on a light prototype of the pre-set component. Again you can role play it with a persona. You could try to stay by an ATM and have a one min video and ask people if they would like your option. You can even try to do it at the ATM on the ground floor of Dibner (although there is not a lot of passage).
I will also recommend developing the user experience for a persona. In doing so, you'll start seeing some points that needs to be clarified in your idea. 
al (using NYC OpenIDEO chapter account as mine is blocked for an unknown reason. :-( ).

Spam
Photo of Nirja Shah
Team

Thank you for the recommendations! This will be a great help fpr us during prototyping! 

Spam
Photo of Sara Camnasio
Team

Thank you! Just one concern: I don't think any banks will let us work in their branches to prototype. We might try and stand next to ATMs but I'm also not sure if that'll work since people might feel we'd be breaching their privacy. I asked Kate (comment above) if the sponsor can arrange letting us operate within one of their branches.
I agree on the format you suggested though: use a wizard of oz and have pre-recorded videos of the assistant that we can manually select ourselves.

Spam
Photo of Anne-Laure Fayard
Team

It seems that I'm back online as myself. :-) 

Spam
Photo of Anne-Laure Fayard
Team

Sara Camnasio agreed that doing this by the ATM might be complicated (I had this in the back of my mind while typing) - except if you had an agreement from one of the Credit Unions. You could still do the light prototyping but not in context. I think doing an experience journey for a persona would also help you clarify the different components and how they interact. For this light prototyping, you could test if with people of any age range. 

Spam
Photo of Spencer Cappiello
Team

Anne-Laure Fayard It could be complicated, but as I mentioned in class, I am imagining an entire new way to interface with "ATMs". What if there were a new type of low cost ATM machine with no screen – just a QR code reader and cash dispenser. Users could do all the typical touch screen interactions from an app on their phone like 'withdraw $40' and the operations ends with a QR code on the phone that this new ATM machine scans and preforms the task. (:

Spam
Photo of OpenIDEO
Team

Congrats on this being today's Featured Contribution!

Spam
Photo of Nirja Shah
Team

Thank you!